During the session, Vincent discussed how the PPP Loan provides cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. The loan amount is basically 2.5 times the monthly payroll subject to certain qualifications and limitations.
If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. The small business had to be in operation on February 15, 2020 and have less than 500 employees for whom it paid salaries and payroll taxes. The Loans are available through June 30, 2020.